7 November 2016Accounting & tax analysis

Toronto forum to highlight risk management benefits of captives

A group of industry and regulatory professionals from Bermuda will be heading to Toronto, Canada, later in the month to inform corporate executives about the risk management benefits of captive insurance.

The forum on Tuesday, November 22, will be hosted by the Bermuda Business Development Agency (BDA) at the city’s downtown Shangri-La Hotel.

Representatives from the Bermuda Monetary Authority (BMA) and the island’s law firms, accountancy firms and captive management companies will outline the advantages of Bermuda-based captive insurers to self-insure a variety of risks, from healthcare and employee benefits to cyber disruptions.

“This is the third time our market experts have travelled to the region this year, because we are now witnessing growing interest from Canadian prospects and service providers wanting to know more about self-insurance options,” said Jereme Ramsay, BDA business development manager, who led a similar Toronto trip in May this year, as well as a first Bermuda attendance at the Canada Risk and Insurance Management Society annual conference in Calgary, Alberta in September.

“Bermuda offers Canadian corporations pragmatic, cost-effective solutions in a blue-chip jurisdiction,” Ramsay added. “Captive insurance helps global businesses manage the many complex risks they face today, and Bermuda is a particularly strong partner jurisdiction for Canada due to historic industry connections, our tax-transparency agreement, plus the major contribution of Bermuda-based reinsurance carriers to Canadian communities.”